Bank of America said Thursday it will cut about 7,500 jobs after it closes its acquisition of mortgage lender Countrywide Financial Corp.
The job cuts amount to about 12.5 percent of the combined companies' mortgage, home equity and insurance businesses, after the purchase is completed next week.
The Charlotte-based bank said the cuts will take place over the next two years in locations across the country 'in instances where the two companies have significant overlap.' The company will begin notifying affected employees in the third quarter.
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